XAUUSD market technical outlook

2020-08-12 11:22:06

Daily chart:

Gold continues a full-scale downward correction. Decline already reached the area of 61.8% Fibonacci ($1878 for an ounce) and slowed down here. This area is the utmost level for a normal technical correction, therefore there are big odds for upward reversal as uptrend is still valid.

Should the price break the recent low, decline can quite reach the pivot-zone 1779.12-1788.84 (red arrow).

H1-chart:

Local downward structure needs a forming of corrective upswing, which can reach one of two PPZ: 1939.00-1940.00 and 1967.86-1978.53. Here sellers can take the driver’s seat again.

Conclusions:

Growth in direction 1939.00-1940.00 and 1967.86-1978.53 and each of these zones might trigger a new decline.

Trading recommendations:

Longs in direction 1939.00-1940.00 and 1967.86-1978.53.
Seeking probable local sell signals at 1939.00-1940.00 and 1967.86-1978.53.

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